26Jul2019

Bancassuarance brings insurers into developing innovative products

With the consumers financial needs growing each passing day, bancassurance is enabling insurance players develop products that arre relevant and support customer needs.This potential for insurers and banks to combine expertise and forces aims at expanding the reach thus build confidence in the insurance service provision.

The IRA Chief Executive Officer Alhaj Kaddunabbi Ibrahim Lubega, on Wednesday this week, launched a combined medical and life insurance product, “Medilife” offered by the International Air Ambulance (IAA), Prudential Insurance and distributed through Orient Bank Limited.

“As we launch this product, in the past 5 years life insurance business has grown to 31.44% while Health Membership Organizations (HMO’s) grew at 30.99% from 2017 to 2018. This means there’s an increased appreciation and therefore uptake of life and health insurance across,” Kaddunabbi said.

He reminded the partners that, “customers are interested in knowing; how the product works, its benefit in the day-to-day life and the claims procedures. So sensitization of the public on insurance services is necessary especially in translating the intrinsic product values into perceived value for the customers.”

The partners and all other insurance players were encourage to invest heavily in technological platforms to enable them reach a wider population and ensure that their products are well understood.

Why we exist!

The establishment of the Insurance Regulatory Authority of Uganda was a consequence of Government’s adoption of the liberalization and privatization policies which ended its role of directly engaging in the provision of goods and services and taking on the role of supervisor or regulator.